Belize is a full member of the CABEI
Friday, November 25th, 2016
10 years after joining the Central American Bank for Economic Integration (CABEI), Belize was incorporated as a full member of the Bank as a Non-Founding Regional country on November 9, 2016. The country recently benefited from CABEI’s $30 million-dollar loan to improve infrastructure with these four projects: Belize Rural Finance Programme, Improvement and Rehabilitation of the Southern Highway – Dump to Jalacte section, Improvement and Rehabilitation of the Santa Elena Border in Corozal, and the Belize Integral Security Programme.
The Accession Instrument was signed by Prime Minister Right Honoroble Dean Barrow and CABEI’s Executive President Dr. Nick Rischbieth. The amendments to the CABEI Constitutive Agreement are aimed at consolidating the Bank’s preferential creditor status, supporting its member countries, strengthening its capital base and promoting a greater diversification of its loan portfolio.
According to a press release issued on Friday, November 18th, Belize’s new status will also allow the country to expand its financing for new loan approvals. “These loans are aimed at economic and social infrastructure projects that are in line with the CABEI 2015-2019 Institutional Strategy ‘Integrating Sustainable Development and Competitiveness’.”
Belize joins Panama and the Dominican Republic as the three newest full members of the bank, establishing a governance structure aligned with the Central American Integration System (SICA).